Understanding Reverse Mortgages

Reverse Mortgages - Too good to be true? Think again.

That phrase, while it may apply to some situations, does not apply here. The HECM (Home Equity Conversion Mortgage) insured by the FHA is good and for all the right reasons. For the right person, a reverse mortgage can be a life changing experience and alter your financial picture. Here are some of the advantages of the reverse mortgage:

* TAX FREE PROCEEDS

* NO MONTHLY MORTGAGE PAYMENTS

* RETAIN OWNERSHIP OF YOUR HOME

* PAY OFF YOUR CURRENT MORTGAGE (If enough equity)
* A TAX FREE LINE OF CREDIT THAT GROWS OVER TIME
* MONTHLY PROCEEDS DEPOSITED INTO YOUR BANK ACCOUNT, CASH OUT, LINE OF

CREDIT OR A COMBINATION OF ALL THREE

* TAX FREE PROCEEDS

Americans are living longer, but many seniors are still short on cash. Retirement? Who knows what that is anymore. For many seniors, there is more month left at the end of the money. A Reverse Mortgage may be the answer to some of the challenges facing senior homeowners in their retirement years.

Learn More

Everyone has questions. There are qualifying factors with any mortgage, and Reverse Mortgages are no different. But once you realize it's pretty basic, you'll feel a lot more secure about the program. Answers to most of your questions about Reverse Mortgages can be found at the link below. If you have further questions, please give me a call. 631-804-9044 - KATHIIE ADLER, Senior Mortgage Specialist

It's All About Lifestyle

Everybody is different and so the needs are different.

LIFESTYLE and WORKING PAST RETIREMENT

When I speak with senior homeowners about their current financial situation, I like to talk with them about lifestyle.

Now, lifestyle, way of life, and what that means from person to person can vary greatly. What is your typical way of life? For one person it can mean traveling, for another it can mean enjoying a quiet day alone, to another it's the ability to visit the grandkids halfway across the country whenever you want.

Working past retirement is not an unusual occurrence these days. And working past retirement isn't all bad! It does have its advantages. But if you've been depending on social security or a pension and find you are still short at the end of the month or want to enjoy retirement more fully, this website will provide options.

What Is a Reverse Mortgage?

Converting Equity = Financial Freedom

A Reverse Mortgage is a special type of loan for homeowners 62 years of age and above who want to convert part of the equity in their home into tax free cash without having to sell the home, give up title, or take on a new monthly mortgage payment.

A Reverse Mortgage will not affect Social Security or Medicare, and there are no health or minimum credit score requirements. A Reverse Mortgage can provide peace of mind in your retirement years, and if you are considering moving, you can take out a Reverse Mortgage purchase on another home and there will be NO monthly mortgage payments required.

A Reverse Mortgage frees up the equity in your home that has been sitting there virtually untapped and converts it into tax free cash. This can mean financial freedom and financial stability.

The phrase, "too good to be true", while it may apply to some situations, does not apply here. The HECM Reverse Mortgage is a great tool for seniors and for all the right reasons. A reverse mortgage can pay off a current mortgage, provide a steady income each month, and provide more enjoyment in your retirement years.

If you don’t have a savings cushion, if you don’t have a diverse portfolio of assets, if you are relying on social security checks to support your household bills or accessing your taxable funds, consider the Reverse Mortgage. After all, your retirement fund is sitting underneath your roof, waiting to be used!

Familiarize yourself with the content of this website, and be sure to request a free quote!

Changing Your Financial Picture

What Would More Money Do For You?

Ever dream of having more cash on hand to enjoy the finer things in life?

Perhaps you just want to rid yourself of that mortgage payment that seems to never go away. Is a Reverse Mortgage right for you? Maybe it is. It's time your biggest investment, your house, began to pay you back. It just makes sense. Here are a few things you can do with a Reverse Mortgage:

Supplement your income

Refinance an existing mortgage or home equity loan

Pay off high interest rate credit cards

Be more financially prepared

Pay for healthcare

Cover the cost of in-home care

Make home improvements or modifications

Spruce up the house

Go on vacation or buy a new car

Pay off credit cards

Set up a college fund

I have personally helped senior homeowners pay off their mortgages, get out of bankruptcy, or renovate their homes. Some have used the funds for in-home care or to purchase a second home.

"We love our Reverse Mortgage. For the first time in years we feel free and unburdened. And that means everything to us."

• Retain ownership of your home
• No health requirements
• No impact on Medicare or Social Security

Reverse Mortgage Plans:

* Monthly Payment (tenure)
* Cash Out disbursed over 2 years
* Line of Credit (grows over time)
* Combination of all three

You alone decide how you would like to receive your money. After you close, you can change how your money is disbursed.

Currently, the lending limit or Maximum Claim amount on all Reverse Mortgages by HUD is $726,525. Now, that doesn't mean you receive that ENTIRE amount. It's all dependent on age and other factors such as interest rates and home value.

The best way to determine which way to proceed is to receive a no-obligation proposal showing the numbers and figures and all of your choices.

Questions That Need Answers

Why is it called a Reverse Mortgage?

The actual name HECM means Home Equity Conversion Mortgage. A Reverse Mortgage is equity conversion and the reverse of a traditional mortgage as no monthly payments are required. Traditional mortgages are paid monthly thereby reducing your debt to the lender.

What if I have a mortgage balance?

As long as there is enough equity in your home, you should be able to qualify for a Reverse Mortgage even if you currently have a mortgage balance. A free quote from a Reverse Mortgage Specialist will provide helpful information and actual numbers and cash out figures.

Why do I have to complete HECM counseling?

HECM Counseling is an important safeguard to the Reverse Mortgage program. HUD required counseling by a HUD approval HECM Counselor provides you with a HECM Certificate so your loan can go forward. Call Kathie Adler to receive a list of HECM counselors in your area.

Can my spouse remain in our home after my passing?

If your spouse is part of the Reverse Mortgage, you will be able to remain in your home, so whether your spouse passes away or permanently moves to an assisted living facility, you will still be able to remain in your home. The HECM, Reverse Mortgage only ends once the last borrower no longer lives in the residence or refinances.

What can I do with my Reverse Mortgage proceeds?

It's your money, your equity, to use however you see fit. You might want to buy a new car, take the kids and grandkids on vacation, or just enjoy life and your retirement. A Reverse Mortgage is designed to make life better while freeing you to do the things you've been wanting to do.

How do I receive a free consultation?

You are entitled to a free reverse mortgage quote and a free consultation either in person or by phone in order to determine how much money you qualify for and which program fits your needs. Contact Kathie Adler to receive a no-obligation reverse mortgage comparison.

It's as easy as breaking the piggy bank.

Use Your Own Equity and Enjoy Life

Your home's equity is waiting for you to use it for your benefit. Why not let your home pay for your retirement? I have spoken with many senior homeowners who just didn't have enough money for retirement and were thrilled to use their equity for a variety of things. Using a reverse mortgage as a retirement planning tool can change the way you look at retiring. You don't do a reverse mortgage out of desperation, you do it because you realize there is untapped cash under your roof that you can use to enjoy life even more.

Safeguards to Protect You

No pre-payment penalty, reverse mortgage counseling, government insured and regulated by HUD, FHA mortgage insurance to protect you, 60% cap on proceeds for the first year, non-recourse loan-- you can never owe more than the home is worth, protection for non-borrowing spouses/underage spouses, 3 Day Right of Rescission just in case you change your mind after closing.

A Program That Changes Lives

Borrowers have been able to pay off current mortgage, travel, buy another home, or do a host of things with the money they receive. You can supplement your income and find the time freedom you desire. Many homeowners have been helped out of bankruptcy and even foreclosure. Others have postponed collecting social security till a later date thereby getting the most out of their monthly check.

Non Recourse Loan

You can never owe more than your home is worth and probably will not pay the loan off in your lifetime. This is due to a feature written into the reverse mortgage called "non-recourse." Your heirs are also not responsible for the debt. Assets or bank accounts can never be attached to pay off the loan no matter how much money you have. The house alone stands for the debt. A reverse mortgage is a loan in which a lender may look only to the property for repayment even IF the loan balance goes beyond the value of the home. If you sell the home to repay the loan or if all borrowers pass away, you or your heirs will never owe more than the balance of the reverse mortgage or the value of the property, whichever is less.

"A nonrecourse debt is a type of loan secured by collateral, which is usually property. If the borrower defaults, the issuer can seize the collateral but cannot seek out the borrower for any further compensation, even if the collateral does not cover the full value of the defaulted amount." (Investopedia)

Pay What You Want or Pay Nothing!

On a monthly basis, you can opt to pay interest only; principal and interest; or make no monthly loan payment at all —you choose. And there is no pre-payment penalty. You can pay off the loan any time you please.

Jumbo Reverse Mortgages, Brochures, Articles, and PDF Files

If you are looking for information on JUMBO Reverse Mortgages, they are below. New York Reverse Mortgages JUMBOS are now available! Minimum home value is $500,000 with a max loan amount of $4,000,000 and max value of $10,000,000. One to four family homes are eligible for this program. The parameters are listed in the fliers below, closing costs are amazingly low, and you can refinance or purchase with a JUMBO Reverse Mortgage. Also available is the FHA HECM Reverse Mortgage, however, there will be FHA mortgage insurance fees.Click hereif you would like more information on the JUMBO Reverse Mortgage purchase program.

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